As a result, Ripple went from 25 cents to prices above 70 cents, before sliding back to around 41 cents today.
Between its ongoing troubles with the Securities and Exchange Commission (SEC), and the potential for another “crypto crash,” the downside risk is massive from here.
This roller coaster ride has been a windfall for those who owned it ahead of time. But, for those who dive in now? Don’t count on it. Just as with the brief spike in heavily shorted stocks, this trend will fade fast. Once it does, it is more likely than not XRP will continue sliding lower than the 25 cent price that kicked this run off. Is Ripple (CCC:XRP) a “buy the dip” situation on a pullback after going parabolic? Not so fast! The explosive price action in this fading altcoin had nothing to do with its underlying fundamentals. Instead, you can chalk it up to “pumping and dumping.”
Already suspended on popular crypto trading platform Coinbase, this formerly-ascendant altcoin is fast headed to irrelevance. If you continue to hold it, take advantage of the recent madness and cash out now. Otherwise, read the room, and stay